If Spain reverted to the Peseta, property in Spain would suddenly be a lot cheaper in other currencies like Dollars or Pounds. However, I would expect prime coastal property to quickly price itself in a hard currency. There might be a window of opportunity to grab good stuff cheap, but it wouldn’t last long.
There is still a lot of international interest in prime property on the Spanish coast.
But the fact is, it’s just not going to happen. It would be too traumatic for the whole of Europe.
The EU and EMU are far from perfect, but my father was alive and remembers a time when Europe was engulfed in total war. It was not that long ago. Anything is better than that. This financial crisis is nothing in comparison.
In the history of mankind we are living in a golden age. I would argue there has never been a better time or place to be alive than post-war Europe. Let’s hope it stays that way. Spain crashing out of the Euro would not help.